Oil Prices were down on Monday in Asia after China announced late last week an additional 10% tariff on $75 billion of U.S. products, including crude.
In retaliation, U.S. President Donald Trump said he ordered U.S. companies to consider closing operations in China and make products in the United States instead.
U.S. Crude Oil WTI Futures dropped 1.3% to $53.46 by 1:02 AM ET (05:02 GMT), while International Brent Oil Futures fell 1.1% to $58.15.
“Oil prices have entered the rocky ranges, trapped in a world of wild moves but still getting nowhere, as it appears lost in a range somewhere,” said Phil Flynn, senior market analyst for energy at The Price Futures Group brokerage in Chicago.
Reuters reported that the Chinese 5% tariff on U.S. oil imports could further soften demand for physical crude at hubs along the U.S. Gulf Coast, where exporters already have taken to shipping crude overseas without firm buyers.
Source : Investing.com